35. Regulations

Finance Leasing Act, No. 56 of 2000

maximum rate of payments to be levied by registered establishments ;

matters concerning the method of collecting payments

;

form and manner in which the books of accounts or other records or documents are to be maintained ;

terms and conditions of finance leases ;

minimum paid up capital and the reserves a registered establishment shall have, having regard to the value of its finance leases ;

having regard to the paid up capital and the reserves of a registered establishment, the maximum value of finance leases that may be granted to any one person, group of persons, or category of persons as may be specified by the Director ;

capital and reserves of registered establishments ;

minimum initial payment required to be made by a lessee for any equipment or different categories of equipment, such minimum to be expressed as a percentage of the value of the equipment ; or provisions for bad and doubtful debts.

The Minister may make regulations in respect of any matter required by this Act, to be prescribed or in respect of which regulations are authorised by this Act, to be made.

Every regulation made by the Minister shall be published in the Gazctte and shall come into operation on the date of publication or on such later date as may be specified in the regulation.

Every regulation made by the Minister shall as soon as convenient after its publication in the Gazette be brought before Parliament for approval. Any such regulation which is not so approved shall be deemed be rescinded as from the date of its disapproval but without prejudice to any thing previously done thereunder.

Notification of the date on which any regulation made by the Minister is so deemed to be rescinded shall be published in the Gazette.